UK-based insurtech startup Flock has raised $38m in a Series B funding round led by Octopus Ventures.

CommerzVentures and existing institutional investors, including Social Capital, Dig Ventures, Anthemis, and Foresight Ventures, also participated in the round.

Founded by Ed Leon Klinger and Antton Pena, Flock caters to commercial motor fleets and offers insurance that incentivises safe driving. 

In 2020, the insurtech launched its real-time insurance product for car rental platforms, courier companies, and corporate fleets.

Flock claims that currently it works with more than 600 commercial fleet clients, including Jaguar Land Rover, Onto, and a third of the independent Amazon fleets operating in the UK.

The insurtech plans to use the funding to expand in new areas of the commercial motor industry and new geographies.

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Also, Flock will utilise the funds to scale up its data science and engineering teams, more than doubling the size of its UK team over the next few years, and expanding its data-driven approach to risk assessment and dynamic pricing.

Flock CEO Ed Leon Klinger said: “At Flock, we believe that insurers should help customers save time, money, and even lives. With our radically different insurance model, enabled by an immense amount of data, we hope to actively reduce the number of people needlessly killed or injured on the road.

“The best possible claim experience is no claim at all. We want to help our fleet customers predict and prevent crashes — before they even take place”.

Octopus Ventures partner Malcolm Ferguson said: “Flock has a vision that can make the world safer not just for today’s vehicles but for the connected and autonomous vehicles of tomorrow. That vision of changing the world for the better is one we share at Octopus Ventures.

“That and the brilliant opportunity that Ed, Antton and their team are seizing are why we are backing Flock to become a category-defining company in the fleet insurance space.”

In June 2021, Flock raised $17m in a Series A funding round.